All three major US stock indexes were down in late-morning trading, as investors weighed the latest inflation report as well as developments with respect to the war in Iran.

President Donald Trump said Wednesday on Truth Social that Iran must now "pay the price" after taking "too long to negotiate a deal."

The US seasonally adjusted consumer price index rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate of 0.3% and compared with April's 0.4% rise.

In company news, SpaceX has received orders for shares worth billions of dollars from Middle Eastern wealth funds ahead of its initial public offering, Bloomberg reported Wednesday, citing people familiar with the matter. Saudi Arabia's Public Investment Fund and the Kuwait Investment Authority have each placed orders for shares worth $1 billion to $5 billion, the report said, citing the people. Qatar Investment Authority is also expected to make a large commitment, the people reportedly said.

Super Micro Computer (SMCI) said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of its effort to fund artificial intelligence orders related to its advanced servers. Super Micro shares were down 17.5% near noon.

Amazon (AMZN) has entered into a $17.5 billion senior unsecured delayed-draw term loan facility with a group of lenders, the company said Wednesday in a regulatory filing. The facility will be available through Sept. 30 unless fully drawn before then, and any loans borrowed will mature three years after the borrowing date, the company said. Amazon shares were down 1.9%.

Chewy (CHWY) reported fiscal Q1 adjusted earnings Wednesday of $0.43 per share, up from $0.35 a year earlier and and matching the consensus FactSet analyst estimate. Fiscal Q1 net sales were $3.36 billion, up from $3.12 billion a year ago and above the FactSet consensus of $3.35 billion. Chewy shares were down 0.7%.

Price: 33.64, Change: -7.00, Percent Change: -17.22